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BUSINESS AND ECONOMY - June 2020

Jun 2020

Nov 23, 2020

Indian Overseas Bank Expects Resolution of NPAs in Second Half of FY21

  • State-owned Indian Overseas Bank (IOB) expects resolution of about Rs. 18,000 crore of non-performing assets (NPAs) under the insolvency and bankruptcy process during the second half of the current fiscal, a move that will boost its bottom line.
  • Besides, the Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal.
  • On the back of resolution and pick up in advances, the bank aims to bring down the gross NPAs below 10 per cent mark by March.

RBI Becomes only Central Bank in World to Get a Million Followers on Twitter

  • With one million Twitter followers, the Reserve Bank of India has become the first central bank in the world to reach this milestone.
  • The Reserve Bank of India (RBI) has beaten the US Federal Reserve and European Central Bank on Twitter by emerging as the most popular central bank on the microblogging site with one million followers.
  • As per the latest information available on the RBI's twitter handle '@RBI', the number of followers has increased from 9.66 lakh in September 2020 to one million or 10 lakh.
  • In contrast to this, the world's most powerful central bank, the US Federal Reserve, has only 6.67 lakh Twitter followers and the Frankfurt-headquartered European Central Bank (ECB), the second most powerful monetary authority in the world, has 5.91 lakh followers.

Centre Okays Grant for Food Processing Projects

  • The government approved a grant of Rs. 107.42 crore for implementing 28 food processing projects spread over 10 states that are likely to generate jobs for nearly 10,000 people. 
  • A decision in this regard was taken in the virtual meeting of the Inter-Ministerial Approval Committee (IMAC) chaired by Food Processing Industries Minister Narendra Singh Tomar.
  • The committee considered the projects applied through a unit scheme of Creation and Expansion of Food Processing and Preservation Capacities (CEFPPC) under the Pradhan Mantri Kisan Sampada Yojana (PMKSY) for necessary grants-in-aid.     
  • The projects will create a processing capacity of 1,237 tonne daily and are spread across the states of Madhya Pradesh, Gujarat, Uttar Pradesh, Maharashtra, Jammu and Kashmir, Karnataka, Tamil Nadu, Uttarakhand, Assam, and Manipur.         

Bharti Airtel to Acquire Stake in Avaada MHBuldhana

  • Bharti Airtel would acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs. 4.55 crore in an all-cash deal.
  • Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.
  • It is a subsidiary of Avaada Energy Private Limited (AEPL).
  • AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and the first independent power producer to cross 1 GW installed capacity milestone in India.

Nov 22, 2020

PM Modi, Bhutanese PM Jointly Launch Rupay Card Phase-2

  • Prime Minister Narendra Modi along with his Bhutanese counterpart Lotay Tshering launched RuPay card Phase-II that will allow Bhutanese card holders to access the RuPay network in India.
  • The Prime Ministers of both the countries had jointly launched Phase-I of the project during Modi's state visit to Bhutan in August last year.
  • The implementation of Phase-I of RuPay cards in Bhutan has enabled visitors from India to access ATMs and Point of Sale (PoS) terminals across Bhutan.
  • Phase-II will now allow Bhutanese card holders to access RuPay network in India.
  • The RuPay card is an Indian debit and credit card payment network, with acceptance at ATMs, POS devices and e-commerce websites.

Karnataka Eyes 50% of $100 Billion Bioeconomy by 2025

  • Karnataka has set a target of achieving 50 per cent market share of the $100-billion national bio-economy by 2025.
  • "The state has been at the forefront of harnessing biotechnology over the past two decades" said Chief Minister B.S. Yediyurappa at the Bengaluru Tech Summit.
  • Bioeconomy is an activity involving the use of biotechnology in the production of goods, services or energy from biological material as the primary resource base.

Govt. Okays Subsidised Loans for Micro-irrigation Projects

  • The Union Agriculture Ministry gave nod for subsidised loans worth Rs. 3,971.31 crore for implementing micro-irrigation projects.
  • The interest subvented loans are being offered under Micro Irrigation Fund (MIF) created with National Bank for Agriculture and Rural Development (NABARD) for implementing micro-irrigation projects.
  • This fund with a corpus of Rs. 5,000 crore was operationalised in the 2019-20 fiscal with an objective to facilitate states in availing subsidised loans for expanding coverage of micro irrigation.
  • Out of this, maximum loan of Rs. 1,357.93 crore has been approved for Tamil Nadu, followed by Rs. 790.94 crore for Haryana, Rs. 764.13 crore for Gujarat, Rs. 616.13 crore for Andhra Pradesh, Rs. 276.55 crore for West Bengal, Rs. 150 crore for Punjab and Rs. 15.63 crore for Uttarakhand.

India Signs Agreement with World Bank for Meghalaya Transport Project

  • India and World Bank signed 120 million USD to modernise transport sector in the state of Meghalaya. The project aims to improve 300 km of strategic road segment through climate resilient and nature-based solutions.
  • The project will help Meghalaya to emerge as the major connecting hub of trade with border countries such as Nepal, Bhutan and Bangladesh. The project will cater small scale industries, agriculture areas, tourism, health and education centres. Currently, around 5,362 habitations in Meghalaya lack transport connectivity. It will increase access to health facilities. More than 500,00 inhabitants of the state will benefit in the state. The project is expected to generate direct employment of 8 million person days.
  • The project will act as a boost to "Restart Meghalaya Mission".
  • The Restart Meghalaya Mission was launched in August 2020 on the occasion of the 74th Independence Day. Around six projects were announced under the mission. A total investment of Rs. 8,753 crores is to be used for infrastructure projects. The mission will construct 13 major roads at a cost of Rs. 850 crores. Under the mission, 400 agricultural entrepreneurs are to be provided with power tillers at subsidised rates. The mission will also develop tourism.

Mphasis Gains after Acquiring UK-based Datalytx

  • Mphasis gained 1.93% to Rs. 1,325.55 after the IT company announced the acquisition of Datalytx, a leading next-gen data engineering and consultancy company.
  • Mphasis through its wholly owned subsidiary, Mphasis Consulting, acquired Datalytyx for consideration up to GBP 13.3 million. Datalytyx is a leading UK-based, Snowflake and Talend partner specializing in Next-Gen Data Engineering and consultancy company.
  • Mphasis said that the acquisition is expected to provide access to strengthen company's next-gen Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services. The acquisition also provides access to highly skilled data professionals and sales professionals thereby creating an offshore pool of Snowflake and Talend expertise.

Nov 21, 2020

RIL Completes Fundraise for Retail Arm

  • Billionaire Mukesh Ambani's Reliance Industries completed the sale of about 10 per cent stake in its retail unit to a clutch of foreign investors for Rs. 47,265 crore.
  • Since September 25, the company has sold 10.09 per cent stake in Reliance Retail Ventures Ltd (RRVL) to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds Mubadala, ADIA and PIF.
  • RRVL has received cumulative subscription amount of Rs. 47,265 crore from the following financial partners and allotted 69.27 crore equity shares to them.

ABB to Exit Three Divisions with Revenues of $1.75 Billion

  • ABB plans to offload three business units that generate $1.75 billion in sales, equivalent to 6% of its annual revenue.
  • The company is exploring all options to exit turbocharging, mechanical power and power conversion.
  • ABB, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Rosengren took over in March. The former Sandvik boss has said ABB has been weighed down by a business model that was too complicated.
  • Earlier this year, ABB completed the sale of its power grids business to Hitachi.

IRDAI Issues Master Circular

  • The Insurance Regulatory and Development Authority of India (IRDAI) issued Master Circular for unclaimed amounts of policyholders.
  • All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, every year have to transfer the same to the Senior Citizens' Welfare Fund (SCWF) on or before March 01 of the financial year.
  • The Master Circular also provides for convergence in compliance taking into account various circulars issued by the Authority on the subject as well as the Senior Citizens' Welfare Fund (SCWF) Act and the Rules notified there under.

ABB to Exit Three Divisions with Revenues of $1.75 Billion

  • ABB plans to offload three business units that generate $1.75 billion in sales, equivalent to 6% of its annual revenue.
  • The company is exploring all options to exit turbocharging, mechanical power and power conversion.
  • ABB, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Rosengren took over in March. The former Sandvik boss has said ABB has been weighed down by a business model that was too complicated.
  • Earlier this year, ABB completed the sale of its power grids business to Hitachi.

India and New Development Bank Sign Agreement of 500 million USD

  • India and the New Development Bank signed an agreement of 500 million USD. Under the agreement, the New Development Bank is to lend the funds to implement Delhi- Ghaziabad-Meerut Regional Rapid Transit System project. The funds will be used to provide reliable, fast, safe and comfortable public transport system in the region.
  • India and the New Development Bank signed an agreement of 500 million USD. Under the agreement, the New Development Bank is to lend the funds to implement Delhi- Ghaziabad-Meerut Regional Rapid Transit System project. The funds will be used to provide reliable, fast, safe and comfortable public transport system in the region.

Mastercard and USAID Launch "Project Kirana"

  • Mastercard and United States Agency for International Development launched "Project Kirana". The programme will enable women entrepreneurs to grow, launch and thrive.
  • Under Project Kirana, a two-year programme is to be rolled out in selected cities such as Kanpur, Lucknow and Varanasi of Uttar Pradesh. The project will work to increase revenue, digital payments and expand financial inclusion.
  • The project aims to build digital literacy and financial literacy of the women in the state. It will improve business management skills of women.
  • USAID is United States Agency for International Development. It is an independent agency that is responsible to administer foreign aid and development assistance.

ICICI Bank Introduces 'Cardless EMI'

  • ICICI Bank announced the launch of a fully digital mode of payment called 'Cardless EMI'. The fully digital mode of payment facility allows its pre-approved customers to buy gadgets and home appliances by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into 'no-cost' monthly installments by inputting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at retail outlets.
  • As per reports, the bank has tied up with Pine Labs to offer this facility across pan-India outlets of retailers such as Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles.
  • The Bank will add many more brands as well as retailers under this facility in near future.

Nov 20, 2020

Oaktree, Varde Offer Funding to Vodafone Idea

  • A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to Vodafone Group Plc's listed Indian arm.
  • Oaktree teamed up with several other firms including Varde Partners for the potential deal with Vodafone Idea Ltd. The investor group made a proposal to provide around $2 billion to $2.5 billion of capital to Vodafone Idea.
  • Vodafone Idea said in September it plans to raise as much as 250 billion rupees ($3.4 billion) selling shares and debt to shore up its finances as competition heats up in the Indian wireless industry. It wasn't immediately clear how a potential deal with the Oaktree-backed consortium would be structured.

L&T's Construction Arm Wins Order for Bullet Train Project

  • Infrastructure major Larsen and Toubro's (L&T) construction arm has won a 'mega' contract worth more than Rs. 7,000 crore from National High-Speed Rail Corp. Ltd (NHSRCL) to construct 87.57 km long stretch of Mumbai-Ahmedabad high-speed rail (MAHSR)- also known as the bullet train project.
  • This order to construct the C6 Package of MAHSR comes closer on the heels of the earlier one for the C4 Package of the project, the biggest EPC contract awarded in the country to date, involving the construction of a 237.1 km stretch.
  • The scope of the MAHSR – C6 package includes the construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works.

Nov 19, 2020

Special Term Loan Scheme for Company Secretaries from Poonawalla Finance

  • Pune-based Poonawalla Finance tied up with the Institute of Company Secretaries of India (ICSI) to offer collateral-free loans to over 65,000 financial professionals.
  • The non-bank entity is a part of Cyrus Poonawalla Group, which owns Serum institute, engaged in developing vaccines for the coronavirus.
  • The company signed a MOU with the ICSI for the special term loan plans, which should help its members fulfil the financial requirements for their professional practice as well as personal emergencies.
  • According to C.S. Ashish Garg, President of the ICSI, with the tie-up with Poonawalla Finance, the Institute has once again aligned its initiative with the government, by providing financial credit to Company Secretaries to boost economic recovery and help in building Atmanirbhar Bharat.

RBI Restricts Withdrawals from Jalna-based Mantha Urban Coop Bank

  • The Reserve Bank of India imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
  • As per the directions from RBI, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
  • The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.

Apple to Pay $113m to Settle iPhone 'Batterygate'

  • Apple will pay $113m (£85m) to settle allegations that it slowed down older iPhones.
  • Thirty-three US states claimed that Apple had done this to drive users into buying new devices.
  • Millions of people were affected when the models of iPhone 6 and 7 and SE were slowed down in 2016 in a scandal that was dubbed batterygate.
  • Apple declined to comment, however, it has previously said that the phones were slowed to preserve aging battery life.
  • The deal is separate from a proposed settlement Apple reached in March to pay affected iPhone owners up to $500m in a class action lawsuit.
  • In 2016 Apple updated software on models of the iPhone 6, 7 and SE, which throttled chip speeds on aging phones.

Vedanta Puts in EoI to Buy Govt's Entire Stake in BPCL

  • Vedanta Group confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL).
  • Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business.
  • The government is selling its entire 52.98 per cent stake in BPCL and last date of putting EoI was November 16.

Few Takers for RBI's One-time Debt Recast Scheme

  • According to a report by Crisil Ratings, with improvement in economic activities and expectation of recovery in the next fiscal, almost 99% of non-MSME companies are unlikely to opt for the Reserve Bank of India's one-time debt restructuring.
  • The finding is based on a preliminary analysis of 3,523 Crisil-rated non-micro, small and medium enterprises. In August, the RBI had allowed one-time restructuring for personal loans and for non-MSME corporate borrowers having an aggregate exposure of greater than Rs. 25 crore and was affected by Covid-related stress.

CapitaLand Raises Rs. 1,700 crore Green Loans in India

  • Singapore's CapitaLand Ltd has secured its first three green loans in India, worth Rs. 1,700 crore, from DBS Bank India Ltd and Hong Kong and Shanghai Banking Corporation Ltd India.
  • The debt will be used to finance the development of its green-certified International Tech Parks in Chennai, Gurugram, and Pune. The green loans mark CapitaLand's entry into sustainable finance in India.
  • The four and a half-year Rs. 625 crore and three-year Rs. 425 crore green loans raised from DBS will be used to fund the development of Phase 1 of International Tech Park Chennai, Radial Road and Phase 1 of International Tech Park Gurugram respectively.
  • The four-year Rs. 650 crore green loan provided by HSBC India will be used to finance the development of International Tech Park Pune in Kharadi.
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